As a designated agent for the West Virginia Housing Development Fund, 2017 was the last year Spectrum collected year-end documentation for all Low Income Housing Tax Credit (LIHTC) properties located in West Virginia. Beginning on March 1, 2024 Spectrum will once again be collecting the annual submission of year-end documentation in the same manner as it was collected previously.
We will only be collecting data for 2023. We will not be collecting any data from prior years. This submission is required by the Internal Revenue Service, as noted in Section 42 (26 CFR Part I-1.42-5 (c)) of the Internal Revenue Code, and by the West Virginia Housing and Development Fund (WVHDF). Every LIHTC property is required to submit an electronic Unit History Report for 2023 by using the Spectrum End of Year (EOY) software.
-Data collection will start on March 1, 2024 with a final submission date of April 30, 2024.-
UNIT HISTORY REPORT:
The unit certification history data will be collected from West Virginia in the same manner as it was collected in West Virginia for the 2017 effective year by utilizing Spectrum’s End of Year (EOY) data collection software. The current version of the software is the same as the 2017 version with a few minor updates including the accommodation of ‘Average Income’ properties alongside the traditional 20/50 and 40/60 federal set-aside designations. Please take note that as an Owner, you are required to maintain all the information we are requesting, as per the Recordkeeping Requirements of Section 42 (26 CFR Part 1 1.42-5(b)). Untimely submissions may result in Form 8823 being issued.
If you have used the Spectrum EOY software in the past and still have it installed on your computer(s) you can start it up on or after March 1, 2024 and it will automatically update to the most current version which is 7.0.
If you do not have the software installed it can be downloaded from the Spectrum web site shown below. You will also be able to access additional information regarding requirements.
https://spectrumlihtc.com/state-monitoring/west-virginia/
Regarding the Spectrum End of Year (EOY) software:
- Paper copies are NOT ACCEPTABLE and will not be considered a timely submission.
- The electronic report should contain only unit events for 2023 unless the property placed in service on a later date.
- Review and update all owner and management contact information as needed.
For management companies managing one or more properties, Spectrum will provide IT and Compliance personnel with specific training for the installation and operation of Spectrum’s End of Year (EOY) software.
Contact Paul Perpich at PPerpich@SpectrumLIHTC.com or 517-277-0120.Â
End user software technical support starts on March 1st, 2024. Contact us at EOYHelp@SpectrumLIHTC.com.Â
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SUPPORT AND TRAINING TAB
For Property Management companies with multiple locations and staff, we can provide targeted training, at no cost, for IT and Compliance department staff addressing the installation, configuration and operation of the Spectrum End of Year (EOY) software used to collect and transmit tenant unit history. Contact Paul Perpich at PPerpich@SpectrumLIHTC.com or 517-277-0120 any time during the month of February 2024 and beyond.
User Guides: While instructor-led, hands-on training courses will not be provided, there are a number of easily accessible support materials that will be. A complete, illustrated, and printable user guide in PDF format is available on-line as well as from within the Spectrum software. Context sensitive help will be provided within the software that will provide immediate and detailed information for the screen that is being used at the time. On-screen instructions will be provided as well as mouseover hints at key points. Additionally, because the software is modeled after a standard TIC form the layout of the software will be familiar.
Technical support will also be provided during normal business hours (EST) via telephone and email.
End user software technical support starts on March 1st, 2024. Contact us at EOYHelp@SpectrumLIHTC.com.Â
